1120-S Preparation and Strategies: Part 2 (2024) (Currently Unavailable)
Author: Greg White
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
This course is the second in a series of classes authored by Greg White that provides a step-by-step approach to completing Form 1120-S, with deep dives into important topics to successfully prepare Form 1120-S.
Publication Date: April 2024
Designed For
Tax professionals who prepare S corporation income tax returns
Topics Covered
- Home office deductions
- Reasonable compensation
- Using artificial intelligence to determine reasonable compensation
- Understanding and completing Schedule B
- Real Property and Farming Businesses Election Out of 163(j)
Learning Objectives
- Identify tax strategies to increase tax efficiency of a shareholder-employee’s home office deduction
- Recognize how to compute reasonable compensation for shareholders
- Recognize how to compute the impact of reasonable compensation on Social Security benefits
- Identify the line on Form 1120-S that covers the excess net passive income tax
- Identify the type of property that does not require ADS if they elect out of §163(j)
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
1120S Preparation and Planning 1: Tax Fundamentals
Advance Preparation
None
